American Beacon TOCQUEVILLE INTERNATIONAL VALUE Fund

Portfolio information as of January 22, 2019

Summary

Investment Objective

The Fund’s investment objective is long-term capital appreciation.

CONTRARIAN AND
VALUE-ORIENTED APPROACH

Actively managed and historically generating high active share, this low-turnover, contrarian and value-oriented approach invests across the capitalization spectrum. The Fund seeks securities that are depressed in price, out of favor with investors and trading at a substantial discount to intrinsic value. Tocqueville emphasizes free cash flow generation, balance sheet quality and the fundamental strength of a business franchise as attributes to identify the most attractive risk/reward proposition across all market capitalizations.

Symbols and NAVs

QUICK LINKs

Investing in foreign securities including emerging markets may involve heightened risk due to currency fluctuations and economic and political risks. Investing in value stocks may limit downside risk over time; however, the Fund may produce more modest gains than riskier stock funds as a trade-off for this potentially lower risk. The use of futures contracts for cash management may subject the Fund to losing more money than invested. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.

For a prospectus containing more information, including expenses, click here. Read it carefully before you invest or send money. Past performance is no guarantee of future results.

American Beacon is a registered service mark of American Beacon Advisors, Inc. American Beacon Funds and American Beacon Tocqueville International Value Fund are service marks of American Beacon Advisors, Inc.

Expense Ratios

SEC 30-Day Yield

Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, click here.

Net asset value (NAV) is the value of one share of the portfolio excluding any sales charges.
*Annualized. See the performance notes on the next page for more information.

1The net expense ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through December 31, 2017.

Important Information:
All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index.

For any Class of the Fund that began operating within the 10-year/since inception period shown, the performance shown prior to the inception date of the Class is that of a class (or series of classes) previously in operation. The combined returns have not been adjusted for any difference between the fees and expenses of the Class and the historical fees and expenses of the included previous class (or classes). If the previous class(es) had lower expenses, the resulting performance would be better than the Class would have realized during the same period. If the previous class(es) had higher expenses, the resulting performance would be lower than the Class would have realized during the same period. A portion of fees charged to the Institutional Class of the Fund has been waived since Fund inception. Performance prior to waiving fees was lower than actual returns shown since inception. A portion of fees charged to the Investor and Y Classes of the Fund was waived from Fund inception through 2016 and partially recovered in 2017. Performance prior to waiving fees was lower than actual returns shown since inception.

The Credit Suisse Leveraged Loan Index is an index designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market.

American Beacon Funds and American Beacon Sound Point Floating Rate Income Fund
are service marks of American Beacon Advisors, Inc.

Sector Weightings (%)

Excludes Cash. May not equal 100% due to rounding.

Portfolio Statistics

Average Loan Price

$99.5

Top 10 Holdings (%)

Total Number of Issuers:

263

MATURITY DISTRIBUTION (%)

Excludes cash. May not equal 100% due to rounding.

Asset Allocation (%)

Credit Quality (%)

Reflects the rating assessed by Standard & Poor's (S&P). If a security is not rated by S&P, the rating represents the rating assessed by Moody's as converted to the equivalent S&P major rating category. Excludes cash.

Duration is a measure of price sensitivity relative to changes in interest rates.

S&P credit ratings for long-term obligations (or issuers thereof) are AAA, AA, A, BBB, BB, B, CCC,
CC, C and D in decreasing order. For example, obligations rated AAA are judged to be of the
highest quality, BBB to be of medium grade, CCC are judged to be speculative and obligations rated
D are in default. Obligations rated in one of the four highest categories are considered to be
investment grade while all other ratings are considered non-investment grade.

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American Beacon Funds and American Beacon Sound Point Floating Rate Income Fund
are service marks of American Beacon Advisors, Inc.